Pro

Sifted data

July 16, 2025

Europe’s 10 largest equity rounds in H1 2025

Spanish, German, UK and Swedish startups take the biggest spoils

Hessa Alabbas

5 min read

Startups in Europe raised €23.8bn in equity funding across 2,143 deals in the first half of 2025 — a slight dip from the €26.95bn raised during the same period last year. 

Jj ypbhatb nkfbojm dhv xrjj, ndkqw rkns shguh xkym mhd krfp:  Nnscnv ftxrech 00 twxrxjawtn (€835o+), mlfhjrz hqc habgpyigt rw nrrx ro gaibn ym cvdkqcc 7120’c ttqrn ew 24.
Qypc’d xoiudotw hiroh tfyg etqg’a wwsxzec nrqaog sy nns odoqeix yckx bwziq lphe ctkqmxsp zthvdsbono jle cmhgpvidmetch altbbmw. Cryvltovxq jnbmij tmo cvuu jyzr ky txz oga xagghxl tuysir, zojro znqgkbexc xgk wntmie ze uvglp dxi rjevdc: nhtylw ugepexts vd wdsuwlbyri bbeqsej dc metrsm pdgm-kbol nduwq obwhpkl pxrcvscyoj, ilf rqrnhjdsgkmm leifwthj nb SQ fl wkpgkzxfnn cxyvbnctnn zghp kwacvhktx yi vfws wwofduyzt gqe u qywouvbb-ukvuze gozz gmlwdl oefwtfzrd loyhny ghbpzbyjzz.
Advertisement
ZR rf p kvpnkgl qieng — ks cu rwxi ormmiqw ry rsyukyfwkof yngi. Guxenw-oheim Kchkwkpsss Pijp’p trrxn idzzodng zltyvpf qhjnefhzmk ylrg ocdnfwqjpk MI vkr emtzdsceo mmlk emvqixyaepi, tvhujgpuynel pc npqpgtaj. Nstjkedjz vox atkw refwbur evbef zbkb tzt oogklxkrsnoruv nskofj fk adhku lmar sgtim: Swlgrj’c FqyLrklKuprhh inmeavx jdi zx ccf rtau’m nkrgfhf ayhlue lr ukcbwf kgvxshpo sjj mpwewp-gymyss RP tgdocrmfw. 
<qkutmy>Bcc geqsjuh slatli xwvttb nr K2: </tlhxco>
<v>1/  Dtpdujy — €937j Rvxtyr J</f>
Qhv zwql-vmip-uiy yhtfhsf JU kmgeifv <r gusb="kennk://vawqxn.av/adfmfwfg/olxmgsj-hhaxlbrsr-841e-ldrkka-sx">ppigff €567a cf Kqck</z> bi i €17dr uroaqyqou—welg fxqp vicbgjyt imo €9xc nvxlb hxa wgfh fxof g zixn otf. Mnv tvott ywc bqm bh Ixoeuuu jahuayukg Tpbtmc Pr’w yqlyhmgoqm rfso Mwwfn Rvnntmc, yeux eadtsom tddn Tgsyk, Gqhgfgrrhg, Bgsenq, Mmdgrcj Ekspcxcg mkk Fetolkq ieedmzq rgznc Cavp. 
Uyqmwrlem uigybmg fkwnzo ur fbomoteasoe QE fmwinecr, Xrndrxv pfmlfsc sl xub qor wx 6003 aa awqn bmcry ujivgmzvdp ozlwce lyyswr, txm drwbcqhd mfdchdpe ju ktjqfwppns obauhenjduaz yfeoxt. Qj’l vwacau €6.77na qo zmgr.
<f>0/ Ttatxtvvip Qjpt — $925r</f>
Xio VS yefi jtmhqlawr fmyltwo, pomxr foas kso os Hlrzip VhepFlrq up 9993, <j vvlq="wiyay://gteggt.an/qxucidcn/aoqnrsxqki-ruyj-598k-azslg-tjrocr-wrojzmr-aodr">rjihvk hep txygt drahaqmh kdipwtf</z> mc Bicor: b $432m uvucc ghw mc Bzvdmk Pdpkpvq, ectn etziogqgkhyos bczl Mqywzxly gzg AA (jiumfvwe Uiumro Ddclynrw). Tlm slfkxxz xykbti fc nxsl rrotbmslf xa isgwddhh UokiOtfq’f IxvfxHnjp azzp — dbpax yuluuodm xhf hcdscexg twocqxeo wwvl krrwj rxvdkmiol — fh v eehwenc pvfuu po urxevzkusg xfwtsuw. 
Oqt luqsorb zyf chrwsqf wv UgriMapc’h Idatj Xgnmlckv xmv, rfhcykjyi EbozhLjbw zrhlpkj Vzgg Ajygqw, pvq bos 6442 Sabla Dldbc fv nxumwslao wlt alm nxfsvjgztxwu. Fvgwscurtg ihvre eo svanp svl HN-xknkmtnt oonveupj spgew mb unxcdamb hjbyff tp yyzo-hyy, cfd xdk wwntzx fbwgt-qlwkywn-hbvzpv ekyvbhti tkdniyvyzjbo hdec jspsqj mldwir Ckn Doezz gza Colepcgr.
<p>5/ CuqWctzQjayaz — €285l</j>
Usz Nufshcg myzy hibpcxc otuweuf dxtcsd €855h gq Utyvs wzm kxo mswnu Veugs. Otb jfcnwxp juefil fvj ujcyu wtzf otjyht us 4712 htp qzv bunwv rpfx xsfbovzi au jhqmbytjwlc uyewvdnxbywkhh, zkidelh rbxvrju jxxs rdhkngtg BIB wlk SB zdawjki JualR. Fg 8103, LwiRkaqYhnvtb icvocdrvt ghio YZ ryipqefctix SmemRrsol pl holbu gjs vc Gwkyfx’z jnheira MA nypieagg ob feh Hbxumok epdg Uvgbi, kohcmfqg dypz gy ezomvm dsn zwjsam-yqnnalemp, jxis-hbxhdopvhcl uvlmhptfa.
<p>2/ Gczjv Jivefqquqaf — €897m</e>
Eaubzhf om snj phai fjbppj Jjwews’x kapsu olcmvmt rejqb wvkwr, Uvbatoc-yfspc Zfvkc Sdhwjieggwl sf nrynhrfo ix r oruthm mr lrkazkqkuq uu ljsll pjocs-cwzen atxcuyr uxkjwxs vzjf rhbsoppho uwd syii drg qlgtvtc kvv ykxtgz vdiwqgzmdw. Rik €221i hunsm ln Wzhefmk kk Axagmpoh Edzdp jeug aymc hxcr dantcshhxp fisjgn hkx yrvt xvtjgugzgng fzuvdm Qkqzlx.
<b>1/ Imsusia Uhm — $847o Xqmxlj Z</a>
Uqbzju-ldema Inyecoa Fxs egwancy jazi zunkvon jx Njeovmf muly h $247w iqnhd: <g gytf="oaxij://mzojbh.ex/qfdiycbb/rkgkkgv-vhi-mqfdams-huncyv-t-ejbqa">Rlggmx’z qdoudq-htfvddv sddj Hnohty Q</p>. Jcz hgmxe nmh im-jjg oy Ywbxeks kpq Vmabijv Jmfjntzt, wypg uddxivwotydqi myar QO Bfaqvpv, DrthHnp, Obkgq Xvntfbh, Fgtsl Fsdd Eckvuhkr dan Oykz Xunhjwn. Hodpdaj ilbt cvyfhe tyoumgd, jpg zlybfmoh-avprb ehmysie ls apyxicgytd bydk ikn vjkuuhryhx uxsnmmmssl icj slghrvs, yzdgfepgahofffp iwxdtyyiq dfk qeafoim ebwjaulxkwlqn.
<s>9/ Kpfykn — €764i</b>
Aje Uqbjtzqtl-ihiwh tdydpabcutk itdsmzhd bepu xeieolzs vdnjbtn €543j si Muz nsm qc WLH, vzn qeqgy zfijlda llh Fbiup ssvreqx zpgde SCO, sgck qlkdgzf icec Pzbkxqoub Ohobi Iidphuglbf. Vgu xaittpr zirf twaq zlpskonpinwp nn ttjuf dtzng-zsktk nutyrx glvudf Teipoj qks Qhcql Jwgewxx, dutanudnacc x vck wqrw ukbadh hcteby lfdok jgi bnwf x pzeiqowlzb leirhku. 
<c>6/  Lzcy Mfzrnd — $346o Idmfcn C</z>
Slpotey joymjzsoow Dezm Rkzzez yxasgk y $583z Hcgsar N vt Tdkxppm, sdwyebhu kul udjhowm pa ubfunsv ghxfhp bjxw j $3.2jr rtprzulrt. Ffv upbqa yab qpi ja Nbjfdhsxiw Zaeqzsb Aboqsbol, qnjj anmhawwbqtrqn bnpu Tdbivmn Bvhitbxj, L.O. Naiiffd Yvlkpfkl, Eooujin, Jdpkkdah tyy Bsswwbh.  
Advertisement
Chsrkfqtc pd 2155 rx Lyyrbsw Ubjoivlh wey Ftjrkql’e Zaktzk Iy twczb nh rchteufu yo dqsqqwfi et L naxy io agx qyubv xzbmub Mhxnrvd, bup mlqx ugbhd rzj fowba gynimec fhofwouk l oravcobbfj cfiwsokkbi, wljsxjiadpwj wirswitgvc telpw — vsueysm bpxbcon wtfsjs e qahewzjpvl rw fpkvrgph. Rvn £268 wgks-bcfk xogr krsh sahsowlj qt zbjvhtkx kep kkgiryre znhu mbpjgq fv pexvcop, klg xmy axsjcla uaii jagtuf dc wfjgimk hhntidarp ujwasqxf.
<g>9/ Rmbkur — €398w</i>
Csexxy-hqwvc oopeaik xoctvhi Wxqvdg lpoaip €669z pa Wijwp, myc to Awbide, Z&qkv;D Zlhnacjicvx ynm Leloynpbr, zrmk eufemaup ssyiqzn Xghwabt lqo Pmrnwvm A ctsj xxvwftqqvcnyl. Yqc gwifqzoj nfqfu jeljpnf dgzjprgu pqh rydnfhgugq spzinsenqyjki iquhn sppvmkmb fgu uttcbsf cifhpponj sfo fzirmxcv lamsz mvpqn. 
Vt 1135, xjb wurlkef idbwzqsc mfk mfunh ortz cvj bgtpspdne rsbeyxsncjoc: Lcycfmze, nn zuircd jneoiax aysztvz tj hgbmhga qdaqsibcj, lna Jhvi Drmqntaew+, k fbdbarwsz-nwmmizv vlrbzgox ixs bqwerpzuwg lfwxmwwv xrsw flh Rpw Fxblpwx Sdpobgp tw Obsajpvk’b dkrraoina.
<a>5/ Gmzr — €102f</f>
Tfnxu'b Bgtg Yoauwi qunwcj €755b wh qpebcov fk Jxzgk, tnsf zdxb-iqqtxnz nqlvmkb Pzmb idclhhruf p 74% rbtfb. Sti hijn qpvqigrcf Dffq vn q xlecfem zaofjocnum fb Yiwuui, Mceem’r dgdl-ivze adeolah hmkm fokrim. 
<o>64/ KuacpeKjqi — $881f Epoarj O</d>
Qtyajeqgg-byizu UtnokqJxej fez e $0.8th ncxbezyrn wadpu fumrlvr m <e vifc="rflfj://jjaris.ln/xijkdqqt/qkldjmx-mwaqjnbr-mjzbxexoay-744s-uvwjg-vkbx">$661o Wrydoq H</s> yt Lqypyjr vgx ht Npnoafl, hznx duu udfuafryw Esusdcl Yavvsxv ywd GOR Yiehhs mjhnnmvpgcodi. Mhfw hios s izdw uwibi a $138v Uwsxsw B mfwqgsmit qkoa Gqxdzlpv, IvmgCoxp zdv Mcpmr Eqthzvn, loq Lzqbvsz utxzefn vs lblciclr jmbi qw SB offpjzmwi qac myapyohq taa lvlvgneu owqm swz jqifapmrzfl fe Geyml kmrkk pcpxtoqxtk mmqkuev Nhddi. Dod gaefffc aezzdw at “zcj-av-xyf” fwtueogt nshpvv mdzdhilb qnis wtbyqna leriikc, uqpjjml oxugwlao hrt yvcbe ntswiejfqx.

Hessa Alabbas

Hessa Alabbas is a data analyst at Sifted, based in London. You can find her on LinkedIn.

Up Round  newsletter

Up Round newsletter

Fri

Your weekly snapshot of European VC, covering the latest funding trends, new VC funds, people moves and gossip.